Chevron vs ExxonMobil
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The short version
- ExxonMobil is the larger business, with $332.2B of revenue in fiscal 2025 against $189.0B for Chevron, about 1.8 times as much.
- ExxonMobil grew revenue faster (−5.0%, against −6.8%).
- Chevron turned more of its sales into free cash flow (8.8% FCF margin, against 7.1%).
- ExxonMobil earned a higher return on the capital invested in it (10.3%, against 6.7%).
- Investors pay more for each dollar of ExxonMobil’s earnings: a P/E of 23.5x against 22.4x for Chevron.
| Latest fiscal year | CVX · FY25 | XOM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $460.6B | $764.7B |
| Revenue | $189.0B | $332.2B |
| Free cash flow | $16.6B | $23.6B |
| Net income | $12.3B | $28.8B |
| Growth | ||
| Revenue growth | −6.8% | −5.0% |
| 5-year growth | 14.8% | 12.9% |
| Share count change | 2.2% | 0.2% |
| Profitability | ||
| Gross margin | 42.8% | — |
| Operating margin | — | — |
| Net margin | 6.5% | 8.7% |
| FCF margin | 8.8% | 7.1% |
| Return on capital | 6.7% | 10.3% |
| Return on equity | 7.3% | 11.0% |
| Balance sheet | ||
| Net debt | $33.5B | $32.8B |
| Net debt / EBITDA | 0.8x | 0.5x |
| Dividends and buybacks | $24.8B | $37.5B |
| Valuation & quality | ||
| P/E | 22.4x | 23.5x |
| Piotroski F-score | 5 | 4 |
Revenue
FY16
CVX $114.5B
XOM $200.6B
FY17
CVX $141.7B
XOM $244.4B
FY18
CVX $166.3B
XOM $290.2B
FY19
CVX $146.5B
XOM $264.9B
FY20
CVX $94.7B
XOM $181.5B
FY21
CVX $162.5B
XOM $285.6B
FY22
CVX $246.3B
XOM $413.7B
FY23
CVX $200.9B
XOM $344.6B
FY24
CVX $202.8B
XOM $349.6B
FY25
CVX $189.0B
XOM $332.2B
CVX
XOM
Operating margin
FY16
CVX —
XOM —
FY17
CVX —
XOM —
FY18
CVX —
XOM —
FY19
CVX —
XOM —
FY20
CVX —
XOM —
FY21
CVX —
XOM —
FY22
CVX —
XOM —
FY23
CVX —
XOM —
FY24
CVX —
XOM —
FY25
CVX —
XOM —
CVX
XOM
Free cash flow
FY16
CVX −$5.4B
XOM $5.9B
FY17
CVX $6.9B
XOM $14.7B
FY18
CVX $16.8B
XOM $16.4B
FY19
CVX $13.2B
XOM $5.4B
FY20
CVX $1.7B
XOM −$2.6B
FY21
CVX $21.1B
XOM $36.1B
FY22
CVX $37.6B
XOM $58.4B
FY23
CVX $19.8B
XOM $33.5B
FY24
CVX $15.0B
XOM $30.7B
FY25
CVX $16.6B
XOM $23.6B
CVX
XOM
Return on capital
FY16
CVX −0.9%
XOM 4.0%
FY17
CVX 5.3%
XOM 8.7%
FY18
CVX 8.7%
XOM 9.4%
FY19
CVX 1.9%
XOM 6.5%
FY20
CVX −3.4%
XOM −9.3%
FY21
CVX 10.3%
XOM 11.0%
FY22
CVX 22.1%
XOM 27.1%
FY23
CVX 12.8%
XOM 17.4%
FY24
CVX 10.5%
XOM 14.0%
FY25
CVX 6.7%
XOM 10.3%
CVX
XOM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.